Nippon Steel, POSCO To Jointly Conduct Iron Ore Price Negotiations

摘要

Nippon Steel Corp (NSC) and South Korean POSCO announced December 11 that they have reached an agreement on joint conduct of annual benchmark price negotiations of iron ore for fiscal 2007, as well as market studies on the worldwide supply and demand situations surrounding the iron ore markets. NSC will fly to Seoul and join POSCO to proceed to the first round price talks that are scheduled for December 14 and 15 in the South Korean capital. The two companies have decided on the present agreement as part of the new strategic alliance and to realize a stable and smooth procurement of iron ore. Annual purchase of iron ore is expected to be 47 million tons (Mt) of NSC, and 43 Mt of POSCO, totaling 90 Mt.